Seoul — Oil prices fell on Friday after China, the world’s largest oil importer, recorded its weakest quarter of economic growth in nearly three decades, dragged down by a trade dispute with the US.US West Texas Intermediate crude futures were down 12c, or 0.2%, to $53.81 per barrel.
Though China's third-quarter GDP growth was slightly below expectations, Michael McCarthy, chief market strategist at CMC Markets in Sydney, said it was not “a shock to traders and oil trading volumes are low,” as the weak data had been expected. US crude inventories increased by 9.3-million barrels in the week ended October 11, compared with analysts’ expectations for an increase of 2.9-million barrels.
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